October 4, 2017 / 12:41 PM / a year ago

CORRECTED-Britain says energy price cap to be temporary, set by regulator

(Corrects name of regulator)

MANCHESTER, England, Oct 4 (Reuters) - Britain said on Wednesday it would apply a temporary price cap to all standard variable tariffs in the energy market - the basic and most common form of billing - in a bid to drive down prices.

The price cap, announced by Prime Minister Theresa May at the annual Conservative Party conference, will be temporary and will be set by the regulator Ofgem, the business department said.

“The safeguard tariff would be a temporary measure and the need for it would be kept under review, with a backstop date set for removal of the cap,” it said. (Reporting by Kate Holton; editing by William James)

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